Lucid enjoys increase in Sales and Consumer Attention after price cuts
American luxury electric vehicle (EV) manufacturer Lucid Group has registered a notable increase in sales as well as product interest following the price cuts that the company implemented earlier this month, CEO Peter Rawlinson said.
CEO Rawlinson, who is also the founder of the Lucid Group, announced at the Monterey Car Week that massive price cuts announced by the company for its Lucid Air luxury EV earlier this month have already started to work by attracting more buyers.
Without sharing the exact figures, the top executive revealed that Lucid saw a notable increase in sales as well as product interest after the company decreased the prices of its vehicles. He explained that inflationary challenges had forced them to increase prices in the summer of 2022, but now the company has reverted to its original prices.
Speaking on the topic, Rawlinson said "We reverted to our original pricing, which I think we got about right. We hit some really inflationary challenges, so we had to take a price action accordingly. But I'm delighted to say we're back to our original pricing structure, and that's been so well received by customers and the market alike.”
By "original pricing," the top executive meant the Lucid Air’s price at the time of its launch. However, it is worth-mentioning here that the Lucid Air remains an expensive EV even after its recent price cut. The company cut prices of the mid-range Touring by up to $10,650 on its base Pure trim, while the upper-range Grand Touring trims were made cheaper by up to $12,550. However, the Lucid Air is still quite expensive as it starts at $83,900 (including shipping charge of $1,500) in Pure AWD trim.
It is also worth noting here that the Lucid Air in Pure AWD trim doesn’t qualify for the U.S. federal government’s EV tax credit. However, it is eligible for the commercial lease exemption that allows purchasers to take advantage of the full $7,500 credit through a lease program.
The Lucid Air Touring and Grand Touring trims are even more expensive as they start at $96,500 and $127,100, respectively, even after the recent price cuts.
Meanwhile, Lucid is preparing to launch the 1,234-hp Air Sapphire flagship trim that is expected to arrive later this year with a price tag of around $249,000. However, a cheaper Lucid Air (Pure RWD) trim, starting at $78,900, is also on the way.